WEF, Reliance Industries partner to set up Center for Fourth Industrial Revolution in Mumbai

New Delhi: The World Economic Forum and Reliance Industries will set up a Center for the Fourth Industrial Revolution in Mumbai, the Indian firm said on Monday.

The C4IR "will operate as the Sister Center to the World Economic Forum Center for the Fourth Industrial Revolution in San Francisco, allowing policymakers and thought leaders in India to stay ahead of the curve through unique insights in new forms of governance and new technology applications, and connections with cutting-edge technology innovators globally,"the company said in a statement.

The WEF has identified India as a partner since it is a key economic, political and social shaper of the 21st century's global, regional and industry systems.

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"The capability for India to maximise the potential and minimise the risks of the Fourth Industrial revolution, both domestically for its economy and society, and globally as a major economic and social innovator -- and cultural influencer-- will be one of the foremost drivers for prosperity and peace over the coming decades," it said.

The new economy will greatly benefit from the Fourth Industrial Revolution in a digital age and is expected to create significant value to countries that embrace them quickly by accelerating their GDP and job growth. These opportunities include artificial intelligence and machine learning, Internet of Things (IoT) and blockchain, among many others.

The World Economic Forum (WEF) has been championing the Fourth Industrial Revolution. It is has established Center for Fourth Industrial Revolution (C4IR) in the Silicon Valley at San Francisco, as Silicon Valley is already home to several of these exciting developments.